APTOS Price Analysis: Will the token breach the $7.08 resistance level after spiking by more than 30% in a single day?

Token has shown bullish actions in previous sessions.
The pair of APT/USDT is trading at the price level of $6.73 with a gain of 30.19% in the past 24 hours.

Aptos first appeared on the open market in the early hours of October 19, 2022. The token then fell spending the following few weeks circling the $7 mark, but the collapse of the FTX (FTT) exchange harmed both the market and the APT cryptocurrency, which fell to an all-time low of $3.60 on November 9th. APT’s circulation gave it a market worth of about $753 million, making it the 53rd-largest cryptocurrency by that metric – an amazing performance for something that had only been actively traded for less than three months.

APTOS on 4 hour time frame

According to the 4 hour time frame, APT token is currently trading at $6.73, up 30.19% in the last 24 hours. It is now trading above its key Moving Averages (50 and 200 EMA). (Red line is 50 EMA and the blue line is 200 EMA). In the 4 hour time frame, a bullish crossover occurred. Bullish crossover occurs when the 50 EMA crosses the 200 EMA upward, indicating a bullish trend.

Relative Strength Index: The asset is now in a strong overbought zone, as shown by the RSI curve, which is currently trading at 77.15. The RSI curve’s value has increased as a result of the bulls’ recent bullish momentum. The 14 SMA has been crossed by the RSI curve, indicating a bullish market. The RSI curve will remain in the overbought zone if bulls continue to drive the token price upward.

Analyst view & Expectations

Due to unfavorable market conditions, the token fell after its launch, but it is currently gaining traction, and we can see bulls driving up the price of the token and investors increasing their returns. Investors are advised to buy when the token breaks above the $7.08 resistance level. Intraday traders, on the other hand, have a good opportunity to go long since the token is giving strong returns.

According to our current Aptos price prediction, the value of Aptos will fall by -13.89% and hit $ 5.74 in the coming days. Our technical indicators indicate that the current sentiment is Neutral, with the Fear & Greed Index reading 31. (Fear). Over the previous 30 days, Aptos had 15/30 (50%) green days and 14.94% price volatility. According to our Aptos forecast, it’s now a good time to buy Aptos once it breaks over the $7.08 resistance level.

Technical Levels

Major support: $5.76 & $5.04

Major resistance: $7.08

Conclusion

Token is in a strong bullish trend and investors are gaining massive returns over the past few days. New investors who wish to buy should wait for the token to break over the $7.08 resistance level before entering the market.

Disclaimer: The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.